The Ammonium Nitrate Market is driven by Rising Demand from Construction and Mining industries
The ammonium nitrate market has been witnessing significant growth over the past few years primarily driven by its increasing demand from the construction and mining industries. Ammonium nitrate is commonly used as a fertilizer in agriculture due to its nitrogen content. It also finds widespread application as an oxidizing agent in explosives for mining and construction activities. The compound allows for efficient mining and quarrying of difficult terrains and is cost-effective for construction projects involving earthworks. Some prominent applications include rock blasting, well drilling, coal mining, and tunneling. The growing infrastructure development and mining sector across developing nations are thus majorly fueling the consumption of ammonium nitrate.
The Global ammonium nitrate market is estimated to be valued at US$ 21.18 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the ammonium nitrate market are BASF SE, Clariant International Limited, DIC Corporation, Huntsman International LLC, Tronox, Inc, Rockwood Holdings, Inc., Lanxess AG, Atlanta AG, Ferro Corporation. And Merck
Key players operating in the Ammonium Nitrate Market Trends are focusing on capacity expansion plans to cater to the rising product demand. For instance, BASF SE is increasing its ammonium nitrate production capacities in South America, India and Malaysia. Clariant International Limited is also expanding its manufacturing footprint in China and India.
Growing demand: The demand for ammonium nitrate is experiencing significant growth owing to its increasing application in mining and construction activities. The rapid infrastructure development and urbanization are resulting in large-scale projects requiring massive use of explosives.
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